- § 514 rzrpa 381-g·5PENSIONS, iaozv Us
snrance that may be continued, which sam shall be retained in the United Sta tea Government life ineni·ance_· fund for the par-
of each reserve; _ (Jane 7,1924,, c.·320,,§ 362, 43 ·Stat.'625.)
$14. ~ Payment ogginsnranee to estate of abeneiciaryg eecheat to United Statee,4-lf no person within the permitted cla as be designated as henenciary `for yearly renewable term insurance by the insured, either ia his lifetime or by his last will and testament or it the · designated benedciary does not t survive the insured or survives the insnred and dies prior to receiciag all of the two hundred and forty installments or · all each as are payable and applicable, there shall she paid to the estate of the insured the present value of the monthly installments thereafter payable, said value to be coxnpntedpas of date of last payment made under any existing award: Provided, That all awards of yearly renewable term insurance whichxrere ini course of payment on March 4, -1925, shall continue until the death of the person receiving such payments, or until hejforfeite same under the provisions of this chapter. ‘When any person: to whom such insurance wa; awarded prior to such ‘ date dies or forfeits his rights to such insurance then- there · shall he paid to the negate `of the insured the present value of- , the reiiaainlng rnnpaid monthly installments of the insurance so a¥e·arded_ to such person: Provided further, "llhat no award._of~E yearly renewable term insurance made to the estate of a, lastsnrviving- benedciary prior to March td, 1925, shall _ be affected hy the foregeitngiproiaisiozis. In cases when the estate of an ins·.ured_wot11d escheat under the-laws of the place- of his resi- , dence the insurance shall not be pa-id to the estate but shall eseheat to- the United- States and be credited to the military and naral insurance appropriation. "' This section shall `be,. ~ deemcdto he ineffect ale of October 6,_191l'. (Jnne 7, 1924, c. 320, § 303, 43 Stat.`625; Mar. 4, 1925, c. 553, § 14,*43 Stat. imo.} . T - ·_ .» 515. Lapsed or canceled insurance; reinstatement; procei dmc; termination of term 'inenrance unadected.-5-··In the event that all provisions of the rules andregulations other than the requirements, as to the physical condition of the applicant for insurance have been complied with, an application for rein- ‘ statement, in whole —or in part, of lapsed or canceled `yearl-y— ‘ reneirahle tern: inénrance or United States Government life iaenfraéce (converted inenrance) made Y after ,June 7, 1924, { may he approved if made;. within one-year after that date, at ii. within two years} after the date of lapse or cancellation; Pro— _ iddecadri '1‘hat_ the applicants disability is the result of an injnry ‘ or disease, or of an aggraration thereof, suffered or contracted _ o in the active military or naval service d_uring· the World War:
zerooidoe fw·ther,'That the applicant during his lifetime aubixnita proof satisfactory to the director showing. that he__is· not;
totally and pernianeiittyc dieabied; » ·Aeia,~¤»em1di,tion,-~hsorre~rler,_,, to the acceptance of an application for the reinstatement of ·‘la,p»a—il 0l°’CB1i(‘{3l€¥(ll.§F€&f1}’ renewable term insurance, where the reqniremeifts as to the physical condition of the applicant here not been complied with, or, for the reinstatement. of United Staten Government life insurance (converted-` insur-_ ance), the applicant shall be required to pay all the back monthlyi pregimne which would have'beconie`,apa5*able if such iaamjance‘ had not lapsed, together with interest at the rate ,,,(`¥‘?~·»a€i~,,i;t?¥ eelaam per annum compounded annually, on `éach prcxninai from the date said premium is due by the terms of" the . pelicy: t Aad,_ provided further, That, no jterm- insurance .ehall he reinstated after July _2._ 1926, (June 7, 1924, c. 320, § 30—1,,· 43·Sta_t.·62§; Mar, 4, 1925, c. 553, § 15, 43 Stat. 1310.)- 516. Same; arailabilityi of compensation to revive insurance.--———Where any persoahaa, prior to June 7, 1924, allowed jhie insurance to lapee while suffering from a compeueable disability for which compensation was not collected and dies or has died, or becomes or haa become permanently and totally dis.ahled' and at the time of such" death or “ permanent total
nas, am; VETERANS? RELIEF , 1226 disability was. or is entitled to compensation remaining un- ·eo11eeted,_ then aid in that event as much of his iaéuraneé 33 eaiduacollected compensation, computed in all eases at the rate provided by section 302‘ot the War Risk Insurance Aet as. `&dléI1d€d_ Deeember ·24,· 191% eehapter 16, Forty·first. Statutes, page 371, would pu°rchase,_if applied aa premiums when due, ahall not bea cousidered as lapsed; and thef United States Veterans’ Bureau is authorized and directed to pay to said a. soldier, or his benedeiariw as the cam may be the aaiount of said insurance less the unpaid premiums and interest thereea r at 5. per ·eentum per annum. compounded annually in iastallments Qaa provided by law. (June 7{ 1924, @320;-§ 30:3, 4:; Stat. 626.) . ·i f U ' ‘ . - Y n ` 517; Waiver of lapse of yearly renewable term. insurance from mmpayment of premiums.; regulations for.-—-Elfhe bureaé; is authorized. to tmake provisions hi accordance iaith regulations, whereby the payment of premiaméjoa rearlyl reaewaeta term insurance and United, States Gowferaaaéht life éiasuraaee (convertedzirgsuragnee) on the due date thereof may be waited land the insurance may beideemed not to lapse in the cas-ea of V the following persons, to wit: (af) Those who are `coadaed ia ho§>ital under eaid bureau for a eompeaeable disability dm-. ’ ing~°the_ period while theyare so condned; (lz) those rrhoware rated as `temporarily totally disabled by reason of any iejarya or disease entitliug them to compensation durihg the period . of such totalrdieability andrwhile they are so rated; (e} theety who,. while mentally . iueoxppetent and for whom no legal guardian had been or has been appoiuted,"»altox=red" or may allow their insurance to, lapse while aueh rating isJ etfeetire during the period for rvhieh theyhave beexror hereafter may he . so rated, or until aiguardiarr has notified the bureau ot his qualification, but not later thtinjsir months after appointment as guardian, the waiver in such eases to be made withoufa;§·_ V_p1ieat_ion‘ and retroactive when necessary: Protgtded, That eaéh relief from payment of- premiums on yearly {renewable term; insurance on the due date thereofdshall be for full calendar -months, beginning with the month ini which mid eoatinemeat to hospitalr temporary total disability rating, or in eases of mental meompetents for whom- no guardian hea been appointed with the month in which such rating orrrneutal iaeompetemzy ` began pr begins and ending with that month d‘uring·the half or { Hmajor fraction of wfhiéh the person is eouhaed in hospital is rated as temporarily totallyrdisabled or had orrhaeao! legal " guardian while. rated as mentally ineompetent or until a ~guardiaMn_V has notided the bureauof his qualtdeation, hat uot later:--than six montlis after appoirrtmeat as guardian ; Provided ,jf·u’rther; That all premiums the payment of which whoa due ‘ie_ waiited ~aa·above provided shall bear interest at the rate of 5"per centum per annum, eompoauded mmaally from the due date of leach Premium, aud'ifn.ot paid by the iasaredahall ` be deducted from the .iuSm‘arxce; in gy- settlemexit thereunder or when the same matures either because of permanent totat t rdisability or death: And provided. farther, That to the event any lien or OtI1€P·AiDd€btQ§AHBSS eatabliehed "l>y the provisions of this chapter eirleta against auypoliey of converted iusuramre in exees>of‘the than eash surrender. value thereof at the time of the .termix1ation of auch policyot. comforted insurance for any reason other than by death at total permanent .dieahility the direetor is authorized toktrauefeir aud /{>ay from the utilintary or naval tuaurzmlee appropriation to the.Ug1itod States U .Goveru_méut life it1sbu`rauce fund a sum equal to the amount aus lz lien`·or indebtedness exteeae the than eaah surrender value; (June 7, 1924, e,·320, § 306, 43 Stat. 626.) _ T A ‘ ‘ "` - 518. Policies inconteatable; 5 ·exeeptioas;* eonté`et dehoedr-·· Policies ofinaurauce.heretoforelor hereafter issued shall; he in- . eouteetable after the·_ineuraxiee has bee;1_iu_foree aix .1ll()ll;UiS ` from thedate of Zisauaneeor reinstatement, excepf for fraud or aorxpaymeat of premiums audsubjeetl to the fworistous of Seo
